Judge Rejects Ripple's $50M Deal with SEC

The ruling triggered a sharp downturn in XRP price, eroding recent gains and sparking a wave of cautious repositioning among traders.

A U.S. District Judge has denied a joint request from the Securities and Exchange Commission (SEC) and Ripple to dismiss cross-appeals and proceed with applying for summary judgment.

The judge said that it was “procedurally improper” and that even if it was within her jurisdiction, the motion failed to justify the relief.

The SEC and Ripple had requested the judge to consider the cross-appeals filed by both parties in May 2023, when the judge ruled that XRP is not a security when sold on public exchanges.

However, Judge Torres said that the appeals court had not yet ruled on the cross-appeals and that it was “procedurally improper” for her to grant the request.

The judge also said that she lacked jurisdiction to act on the request as the case is currently under appeal.

“Even if jurisdiction existed, the motion failed to justify the relief requested,” Judge Torres added in her response, dealing a procedural blow to both sides in the case.

The lawsuit, which began in December 2020, saw the SEC accuse Ripple of illegally selling unregistered XRP to the public, enabling it to raise $1.3 billion from investors.

The case has seen partial rulings favorable to Ripple, including the 2023 decision that declared XRP is not a security when sold on public exchanges. However, the parties’ joint request to conclude the case was met with a procedural setback.

The latest development comes amid heightened attention on U.S. crypto regulation and broader macroeconomic trends.

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